An uptick in demand isn’t enough to upset Manhattan’s take-no-prisoners buyers’ market.
Two condos that sold for more than $10 million last week reveal the depth of discounts that are still available, even as buyer activity in the borough’s luxury market has surged.
Exhibit A is a sprawling Tribeca penthouse that once belonged to Jon Stewart. The comedian sold the 6,280-square-foot duplex in 2014 for $17.5 million to financier Parag Pande, chief investment officer at family office Dristi Capital, and filmmaker Ritu Singh Pande. The couple resold the condo for just over $13 million, nearly 26% less than they paid.
Then there was the sale of unit 18C at 10 Madison Square West, a luxury Flatiron condo developed by Steve Witkoff and Howard Lorber’s Vector Group.
Philanthropist Nancy Zink O’Connor, who was previously married to DoubleClick founder Kevin O’Connor, scooped up the 2,527-square-foot aerie at a nearly 20 percent discount. The home, which has a 2,167-square-foot wraparound terrace, last sold for $13.6 million in 2017. Zink O’Connor purchased it from a New York-registered limited liability company for $10.9 million.
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Those heavy discounts may seem surprising since both homes have features sought after by pandemic buyers: spacious units with in-unit laundry and ample private terraces.
But both apartments sat on the market for years with much higher asking prices.
The Tribeca penthouse was first listed in 2017 for $20 million and sat on the market for about two years before the sellers agreed to drop the price substantially at the start of 2020, to $13.99 million.
According to Compass broker Leonard Steinberg, who handled the sale, the initial asking price was intentionally too high; his clients weren’t in a rush to sell until last year, and then the pandemic began.
“I think we were beaten up a little by Covid,” said Steinberg. The fact that the unit was last renovated in 2014 and the building lacked sought-after amenities — its only one is a part-time doorman — were bigger hurdles to getting a deal done.
“Pretty much everyone who came in said they would do a lot of renovation work,” he said.
The condo at 161 Hudson Street has four bedrooms, a home office, media room and two kitchens. The unknown buyer purchased the unit through a trust. The sellers did not immediately respond to a request for comment.
“The market for super-luxe apartments has shifted,” said Steinberg. “[Buyers] want the latest and the greatest and the best. It’s almost like real estate has become the Chanel miniskirt… Things come and go in style as if it’s fashion.”
The seller’s agents for the Flatiron condo, Tom Postilio and Mickey Conlon, first listed that unit in fall 2017 for just shy of $16 million. The listing reappeared in fall 2020 asking $12.99 million, before closing for roughly $2 million less this month.
Unlike the Tribeca penthouse, 10 Madison Square West has a bevy of building amenities including a 60-foot lap pool, a fitness center, Pilates and yoga studios, a 24-hour doorman, porter and concierge services. Postilio and Conlon did not respond to requests for comment; neither did a representative for Zink O’Connor.